Eliminate all oil and gas tax loopholes
"Eliminating special tax breaks for oil and gas companies: including repealing special expensing rules, foreign tax credit benefits, and manufacturing deductions for oil and gas firms."
Make permanent the Research & Development tax credit
The Research & Development tax credit and the renewable energy production tax credit are intended to spur innovation in the private sector, but the tax credits have expiration dates under current law. Obama would make them permanent.
Prioritize security investments in refineries, pipelines and power grids
"Barack Obama will prioritize security investments in our refineries and pipelines and power grids."
Establish an Energy Partnership for the Americas
"As president, Barack Obama will establish an Energy Partnership for the Americas. This partnership will increase research and development in clean coal technology, the next generation of sustainable biofuels and in wind, solar and nuclear energy. The partnership will also look for ways for nations to coordinate to transport green energy across national borders. It will help Latin American and Caribbean nations become more energy independent and promote sustainable growth for the region. The partnership also will create additional markets for American biofuels and American-made green energy technology."
Encourage farmers to use more renewable energy and be more energy efficient
"Will encourage the use of methane digesters that are being used to produce power from animal waste; and will expand USDA projects that focus on energy efficiency and conservation."
Establish program to convert manufacturing centers into clean technology leaders
Will "establish a federal investment program to help manufacturing centers modernize and help Americans learn new skills to produce green products. This federal grant program will allocate money to the states to identify and support local manufacturers with the most compelling plans for modernizing existing or closed manufacturing facilities to produce new advanced clean technologies. This investment will help provide the critical up-front capital needed by small and mid-size manufacturers to produce these innovative new technologies. Along with an increased federal investment in the research, development and deployment of advanced technologies, this $1 billion per year investment will help spur sustainable economic growth in communities across the country."
Establish a Global Energy Corps to promote green energy in developing countries
"Will extend opportunities for older individuals such as teachers, engineers, and doctors to serve overseas. This effort will include a Global Energy Corps to help reduce greenhouse gas emissions overseas and promote low-carbon and affordable energy solutions in developing nations. One of this century's great challenges will be promoting the use of green energy in developing countries, which will face exponential increases in energy demand. This Corps will be composed of scientists and engineers who will work with local partners overseas."
Enact measures to prevent nuclear fuel from becoming nuclear bombs
"Will work with other interested governments to establish a new international nuclear energy architecture - including an international nuclear fuel bank, international nuclear fuel cycle centers, and reliable fuel supply assurances - to meet growing demands for nuclear power without contributing to the proliferation of nuclear materials and fuel production facilities."
Create 5 million "green" jobs
Will "create 5 million 'green' jobs; will invest $150 billion over ten years to deploy clean technologies, protect our existing manufacturing base and create millions of new jobs."
Reduce dependence on foreign oil
"Will cut U.S. oil consumption of foreign oil by 2.5 million barrels of oil per day, take 50 million cars worth of pollution off the road, and save American consumers more than $50 billion at the gas pump." [No time frame given for that statement]
Reduce oil consumption by 35 percent by 2030
Will "reduce oil consumption overall by at least 35 percent, or 10 million barrels of oil, by 2030."
Establish a low carbon fuel standard
"Will establish a National Low Carbon Fuel Standard (LCFS) to speed the introduction of low-carbon non-petroleum fuels. The standard requires fuels suppliers in 2010 to begin to reduce the carbon of their fuel by 5 percent within 5 years and 10 percent within 10 years. The Obama-Biden plan will incentivize increased private sector investment in advanced low-carbon fuels and has a sustainability provision to ensure that increased biofuels production does not come at the expense of environmental conservation. The LCFS is an important mechanism in ensuring that our efforts to reduce our oil dependence also reduce carbon emissions."
Require 10 percent renewable energy by 2012
Will "require 10 Percent of electricity to come from renewable sources by 2012. Barack Obama and Joe Biden will establish a 10 percent federal Renewable Portfolio Standard (RPS) to require that 10 percent of electricity consumed in the U.S. is derived from clean, sustainable energy sources, like solar, wind and geothermal by 2012."
Require 25 percent renewable energy by 2025
"Will create a federal Renewable Portfolio Standard (RPS) that will require 25 percent of American electricity be derived from renewable sources by 2025, which has the potential to create hundreds of thousands of new jobs on its own."
Extend Production Tax Credit to encourage renewable energy
"Will . . . extend the federal Production
Tax Credit (PTC) for 5 years to encourage the production of renewable energy."
Enact windfall profits tax for oil companies
"Will require oil companies to take a reasonable share of their record-breaking windfall profits and use it to provide direct relief worth $500 for an individual and $1,000 for a married couple. The relief would be delivered as quickly as possible to help families cope with the rising price of gasoline, food and other necessities. The rebates would be fully paid for with five years of a windfall profits tax on record oil company profits."
Release oil from Strategic Petroleum Reserve
"Will swap oil from the Strategic Petroleum Reserve to cut prices . . . a limited, responsible swap of light oil from the Strategic Petroleum Reserve (SPR) for heavy crude oil to help bring down prices at the pump."
Close loopholes to discourage energy speculation
Will close "loopholes" in Commodity Futures Trading Commission regulations that have contributed to the skyrocketing price of oil on world markets. "Will enact simple legislation to close these loopholes and increase transparency on the market to help bring oil prices down and prevent traders from unfairly lining their pockets at the expense of the American people."
Raise fuel economy standards
"Will increase fuel economy standards 4 percent per year ... ."
Require drilling on current oil and gas leases
"A "Use it or Lose It" Approach to Existing Leases. Oil companies have access to 68 million acres of land, over 40 million offshore, which they are not drilling on. Drilling in open areas could significantly increase domestic oil and gas production. Barack Obama and Joe Biden will require oil companies to diligently develop these leases or turn them over so that another company can develop them."
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